IoT Device Management Market Analysis

IoT Device Management Market Analysis

In Canada, the real-time streaming analytics solutions held more than 30% of the IoT device management market in 2021. Increasing data connectivity through multi-cloud environment is boosting the segment demand. The rapid acceptance of real-time technologies such as IoT for various initiatives such as smart cities, industry 4.0 etc. have propelled the demand for real-time streaming analytics solutions.
 

The growing adoption of advanced technologies such as IoT, AI, big data, cloud computing etc. in Canada is further fueling the market revenue. The real time streaming analytics solution is widely adopted by various end-user industries as it offers real-time synchronization and flexibility across cloud environment.
 

IoT device management market from private cloud deployment model segment in the UK is poised to register growth rate of about 20% through 2028. The growth is attributed to the increasing acceptance BYOD trend and deployment of a mobile workforce across the country. During COVID-19, the demand for private cloud solution has increased owing to increases instances of cyberattacks. Private cloud provides advanced privacy and security features in order to protect sensitive and confidential information. Significant cost savings, flexibility and easy to control are the major factors supporting the industry statistics.
 

Moreover, IoT device management companies operating in the country are forming strategic partnership to launch private cloud solutions for IoT devices. For instance, in April 2021, Eurotech partnered with Infineon Technologies, Microsoft and GlobalSign to deliver secured device identity chain from the surface of cloud. Through this partnership the companies have delivered zero touch provisioning for IoT.
 

In China, the smart manufacturing application is slated to observe nearly 30% gains till 2028 led by rising trend of digital transformation across manufacturing sector. Manufacturing enterprises are increasingly adopting advanced technologies such as augmented reality, remote control, and others. For instance, according to report published by Ericsson IndustryLab in 2021, it was reported that manufacturing enterprises will become 80% automated in next 10 years.
 

However, manufacturing enterprises are actively focus on to become more smarter through the development of more advanced production tools such as AI software, co-bots, video recognition, digital twins and remote-controlled vehicles, is providing significant growth opportunities.
 

North America IoT device management market size is predicted to generate USD 2 billion revenue by 2028 impelled by growing investments in IoT technology and favorable government initiatives. The Federal government of U.S. has launched an initiative called “Lab to Market”. The “Lab to Market” is a federal funded R&D program that focuses on increasing the adoption of new technologies. Additionally, the presence major IoT device management companies such as Google LLC, PTC Inc and others are positively influencing the market expansion.